“Andorra has taken many positive steps towards greater tax transparency in the past four years,” Mr Gurría said after a ceremony at the OECD. “Today’s signing is an important signal that Andorra is seriously committed to the international fight against offshore tax avoidance and evasion.”

Mr. Gurría noted that the rapid increase in signatories to the Convention reflects the growing levels of international support for exchange of information on request, and foreshadows that automatic exchange of information will become the new international standard.

The Multilateral Convention provides for all forms of mutual assistance: exchange on request, spontaneous exchange, tax examinations abroad, simultaneous tax examinations and assistance in tax collection, while protecting taxpayers’ rights. It also provides the option to undertake automatic exchange, requiring an agreement between the Parties interested in adopting this form of assistance.

The following jurisdictions are also covered by the Convention through territorial extension by Denmark: the Faroe Islands and Greenland; by territorial extension by the Netherlands: Aruba, Curaçao and Sint Maarten; and by territorial extension by the United Kingdom: the Cayman Islands, Montserrat and Turks and Caicos.